Lennar Corporation $LEN Shares Bought by Canandaigua National Bank & Trust Co.

Key Points

• Canandaigua National Bank & Trust Co. increased its stake in Lennar Corporation by 177.3% during the second quarter, owning nearly 15,000 shares valued at approximately $1.66 million.
• Lennar reported earnings of $1.90 per share for the quarter, missing analysts' expectations, but achieved a revenue of $8.38 billion, surpassing estimates of $8.21 billion.
• The company recently declared a $0.50 quarterly dividend, yielding about 1.5%, with a payout ratio of 16.54%.

Canandaigua National Bank & Trust Co. raised its position in Lennar Corporation (NYSE:LEN - Free Report) by 177.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,971 shares of the construction company's stock after purchasing an additional 9,573 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Lennar were worth $1,656,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in LEN. Secured Retirement Advisors LLC bought a new stake in Lennar during the first quarter worth approximately $926,000. Marks Group Wealth Management Inc boosted its holdings in Lennar by 15.4% during the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after buying an additional 292 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Lennar by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company's stock valued at $23,962,000 after acquiring an additional 4,332 shares in the last quarter. Turtle Creek Wealth Advisors LLC lifted its position in shares of Lennar by 24.8% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company's stock valued at $4,825,000 after acquiring an additional 8,357 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc lifted its position in shares of Lennar by 77.7% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock valued at $419,000 after acquiring an additional 1,596 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Lennar Stock Performance

NYSE:LEN opened at $133.92 on Tuesday. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $193.80. The firm's fifty day simple moving average is $124.56 and its 200 day simple moving average is $115.63. The company has a current ratio of 3.65, a quick ratio of 0.49 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $34.69 billion, a PE ratio of 11.08, a PEG ratio of 5.83 and a beta of 1.33.

Lennar (NYSE:LEN - Get Free Report) last posted its earnings results on Monday, June 16th. The construction company reported $1.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). Lennar had a net margin of 9.20% and a return on equity of 12.73%. The firm had revenue of $8.38 billion during the quarter, compared to analyst estimates of $8.21 billion. During the same quarter in the previous year, the business posted $3.45 earnings per share. The business's quarterly revenue was down 4.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 annualized dividend and a dividend yield of 1.5%. Lennar's payout ratio is presently 16.54%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of Lennar from $110.00 to $135.00 and gave the company an "equal weight" rating in a research report on Tuesday, September 2nd. Keefe, Bruyette & Woods reduced their price target on shares of Lennar from $128.00 to $114.00 and set a "market perform" rating for the company in a research report on Friday, June 20th. Zacks Research upgraded shares of Lennar from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. JMP Securities reduced their price target on shares of Lennar from $150.00 to $130.00 and set a "market outperform" rating for the company in a research report on Friday, June 20th. Finally, Evercore ISI cut their target price on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $130.77.

Lennar Company Profile

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.